Monberg & Thorsen A/S : The possibilities of a merger between Højgaard Holding A/S and Monberg & Thorsen A/S to be explored

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Stock Exchange Announcement 25.02.2016 Announcement No. 2, 2016

The possibilities of a merger between Højgaard Holding A/S and Monberg & Thorsen A/S to be explored

Please find enclosed an announcement from the two parent foundations Knud Højgaards Fond and Ejnar og Meta Thorsens Fond, who have decided to explore the possibilities of a merger between Højgaard Holding A/S and Monberg & Thorsen A/S.

Questions relating to this announcement should be directed to Niels Lykke Graugaard on telephone

[phone] and Chairman in Ejnar & Meta Thorsens Fond, Christine Thorsen on telephone

[phone].

The announcement can also be viewed on www.monthor.com

This announcement is available in Danish and English. In case of doubt, the Danish version shall prevail.

Monberg & Thorsen A/S

Reg. No. 12 61 79 17

Knud Højgaards Vej 9 DK-2860 Søborg

Knud Højgaards Fond Ejnar og Meta Thorsens Fond

Announcement 25 February 2016

The possibilities of a merger between Højgaard Holding A/S and Monberg & Thorsen A/S to be explored

Knud Højgaards Fond and Ejnar og Meta Thorsens Fond have decided to explore the possibilities of a merger between Højgaard Holding A/S and Monberg & Thorsen A/S, while maintaining an A and B share structure. A merger between the two companies would result in a simplification of the owner structure of MT Højgaard A/S and ensure better access to the capital markets for the company. A merger between the two companies gives rise to a number of legal issues relating to foundation law, among other things, which must be further assessed. Completion of the merger requires approval from a number of authorities. At this point of time, it is therefore not possible to further particularize the final arrangement or estimate when a result of the exploration may be expected. A merger is, however, not expected to be possible until the spring of 2017.

Best regards

Ejnar og Meta Thorsens Fond Knud Højgaards Fond

Christine Thorsen Sten Scheibye

Chairman Chairman